Palm oil neutral in 2,993-3,030 ringgit range
SINGAPORE: Malaysian palm oil is neutral as it is consolidating in a triangle between 2,993 ringgit and 3,030 ringgit per tonne.
Labeled as a wave "c", the current fall may touch 2,993 ringgit, but it is not certain if the downside will extend to 2,953 ringgit, a 100 percent Fibonacci projection level.
Resistance is at 3,040 ringgit, a break above which will confirm the progress of an upward wave (c), with a target to be established at 3,083 ringgit.
A fall below 2,993 ringgit will open the way to 2,953 ringgit.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Copyright Reuters, 2011
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